Background: Base on gross business income earned, home office business expenses may be deducted from business income. The business expenses that are allowed to be deducted, among other, include the prorated portion of rent, capital cost allowance, property insurance, property taxes, mortgage interest, and...
Read More
Summary : In 2005, the Canadian Revenue Agency (CRA) launched the Related Party Initiative (RPI), more commonly referred to as the High-Net-Worth Project or the Billionaire’s Audit. The objective of the RPI is to target high net worth individuals who have been identified by...
Confusion between two corporations with designating numbers is not sufficient to justify the forced intervention of one of them when the fault would only be attributable to the other. La confusion entre deux sociétés à dénomination numérique ne suffit pas à justifier la mise...
Le seul fait de demander qu’une facture soit rédigée au nom personnel d’un administrateur ne fait pas en sorte que le contrat n’est pas réellement intervenu avec la société.The sole fact that an invoice be requested to be made in the personal name of...
The execution of the work by the sole director and shareholder of the corporation does not necessarily carry his personal liability.L’exécution des travaux par l’actionnaire et administrateur unique de la société n’entraîne pas nécessairement sa responsabilité personnelle.Lemay c. Plomberie Cible X inc., 2013 QCCQ...
Yesterday, the federal government announced the implementation of various measures applied to families with children under 18 years. One such measure is the introduction of a tax credit for income splitting between spouses. This credit will allow spouses with children under 18 to share...
Tax Tips Did you know? There are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time. The following tips may help you or your family: Canada child tax...
Keith Abrahams v. Her Majesty the Queen Neutral Citation: 2013 TCC 391 Tax Court of Canada Date: December 6, 2013 Docket No. 2012-3500(IT)I Ordained pastor ministering to congregation entitled to clergy residence deduction — Income Tax Act, RSC 1985, c. 1 (5th Supp.), s....
Donation to a U.S. Charity The CRA was asked whether a Canadian resident corporation would receive the same tax relief in Canada for a charitable donation made to a U.S. charity as it would have received had it donated to a Canadian registered charity....
PUNITIVE DAMAGES AGAINST REVENU QUÉBEC On October 23, 2013, an unprecedented judgment of the Cour superiéure du Québec (QCCS) in Groupe Enico (2013 QCCS 5189) granted some $4 million in damages to two taxpayers that under- went an abusive audit. The court found that...